EU support for public debt efficiency in Armenia

21 December 2016

On 15 December, the EU Delegation to Armenia officially launched the “Support to the Public Debt Management Department (PDMD) of the Ministry of Finance” programme, which will take place from 2017-2018. The programme will support PDMD to continue its efforts to increase the efficiency of the public debt market.
The programme launch took place during the presentations on the Armenian government’s 2017-2019 medium-term debt strategy, the 2017 financing plan, and other planned technical reforms. Major stakeholders in the Armenian public debt market attended the presentations.

Hoa-Binh Adjemian, the Head of Cooperation Section of the EU Delegation to Armenia, welcomed the openness of the Ministry of Finance to improving efficiency: ‘Transparency in public debt practice is essential. It automatically increases the credibility of the issuer, reassuring and attracting public and private foreign investors. Through this project we confirm that the European Union stands by the Armenian government in prioritising public investment projects and promoting more public-private partnerships. The EU hopes that this good practice, the transparent presentation of the government’s plans to all major stakeholders in the Armenian public debt market and international financial institutions, will become an annual tradition and enormously strengthen Armenia’s international credibility’.

Armen Hayrapetyan, the Deputy Minister of Finance, lauded the EU’s support in this area: ‘Over the last ten years, our government had cooperated with various international organisations to plan and implement more cautious and targeted debt policies.We have been working with the EU for a year now and we hope that this cooperation will continue’.

The EU has been investing in key infrastructure projects in Armenia since 2009. Investments totalling more than €100 million have been invested by the EU Neighbourhood Investment Facility and have leveraged, on average, more than half a billion euros in public investment. The EU’s support in enhancing public debt and public investment management is aimed towards safeguarding Armenia’s growth capacity and smooth economic development.

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